Is copy trading a viable option for newcomers? - page 7.

avp2306

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Quote from: ananyabushra on July 28, 2023, 02:59:39 PM

Copy trading has gained immense popularity in the crypto industry since its introduction. Bitget, being one of the pioneers in this field, remains one of the largest platforms for copy trading cryptocurrencies. Many consider it an appealing choice for beginners, but is it truly effective for those who are new to trading?

If you can find legitimate platform doing that and you don't have time to make your own trades well that is fine but your profit is controlled and maybe you cannot expect to earn a lot their compare if you trade for your own. Also you cannot learn on how to trade for yourself if you just rely on copy trading so if you want to became a skilled trader much better if you seek for better information to enhance your knowledge and help yourself to learn about how to trade properly.

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Quote from: 348Judah on July 28, 2023, 03:15:57 PM

Why will someone new to trading will only rely on that instead of taking their time to learn how to trade by themselves, the question is for how long will they keep depending on copy trading, there are many ways to learn trading and become a professional, i won't advise a newbie to go on this instead of taking their time to learn and make discovery on trading, your discussion will also best fit on the trading discussion board, you can move the thread there,

Exchanges constantly coming up with clever tactics to win against traders. They know that if people don't spend their time to learn and Master the art of trading that they would most likely lose more than they can make. Anyway, the exchange driving the narrative of copytrading will still end up benefitting from fees anyway. Copytrading might have been a big deal in the past but not anymore because people realized that the best way to be profitable as a trader innthe long run is to master the art of trading.

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Quote from: ananyabushra on July 28, 2023, 02:59:39 PM

Copy trading has gained immense popularity in the crypto industry since its introduction. Bitget, being one of the pioneers in this field, remains one of the largest platforms for copy trading cryptocurrencies. Many consider it an appealing choice for beginners, but is it truly effective for those who are new to trading?

Copy trading and using Demo accounts are the best options for newbies as it was an opening idea that we can use in actual trading. But it doesn't mean that we just be confident enough about what we learn from them, we also have to dig deeper through reading books or online tutorials. But what is important is that we are not afraid to lose because losing would help us to educate and give us more learnings. The more we commit mistakes, the more we find ways how to avoid them. I suggest newbies do this but I have also to warn about joining signal groups that promotes copy trading.

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Quote from: ananyabushra on July 28, 2023, 02:59:39 PM

Copy trading has gained immense popularity in the crypto industry since its introduction. Bitget, being one of the pioneers in this field, remains one of the largest platforms for copy trading cryptocurrencies. Many consider it an appealing choice for beginners, but is it truly effective for those who are new to trading?

The first concept that we should consider in trading is that if a single strategy works for others, that does not mean that it will also work for you. The market is changeable so we can’t predict that the same strategies will be working the whole time. That’s why copy trading will never be reliable at times.

However, I don’t mean that it’s not useful in general. Some traders are still making some decent profits through copy trading, but I would not advise anyone to rely on it. It’s still best to trade on your own and learned from your own mistakes and losses, that way you can correct them after so you won’t have to suffer from committing the same mistake again.

acroman08

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I am not an experienced trader but I am sure copy trading has risk involved too and I feel like if a newcomer to trading is going to do this, they should at least have a basic understanding(or preferably a deeper one before going into trading) of trading because if not, it could backfire to them and leave them at a loss in profit.

BD Crypto

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Quote from: ananyabushra on July 28, 2023, 02:59:39 PM

Copy trading has gained immense popularity in the crypto industry since its introduction. Bitget, being one of the pioneers in this field, remains one of the largest platforms for copy trading cryptocurrencies. Many consider it an appealing choice for beginners, but is it truly effective for those who are new to trading?

Some may thinks too but I don't think it's a viable or an advisable option for newcomers. It may have some serious limitations which you can't ignore:

1. You may have struggle to find out the perfect trader to follow for copy trading. Also it will not be a cost effective way to trade because you may have to pay additional or higher fees than traditional trading.

2. You will have less opportunity to grow your skills or trading strategy. When you depend on others for your trading you will have less interest to learn about technical analysis, trading strategies so you will have limited learning possibilities.

Anyway Copy trading is legit and a popular way to start trading for newbies. But I will suggest you to learn by yourself and control your funds. That will give you best output from trading if you can be an expert on it.

348Judah

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Why will someone new to trading will only rely on that instead of taking their time to learn how to trade by themselves, the question is for how long will they keep depending on copy trading, there are many ways to learn trading and become a professional, i won't advise a newbie to go on this instead of taking their time to learn and make discovery on trading, your discussion will also best fit on the trading discussion board, you can move the thread there,

Zaguru12

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Quote from: ananyabushra on July 28, 2023, 02:59:39 PM

Many consider it an appealing choice for beginners, but is it truly effective for those who are new to trading?

They have been various threads about this on the forum and many members have different opinion on it. But the main point centers on the fact that copy trading prevents or limits you from actually learning the trading it self and you place your trading decisions on a third party. No matter how good they may be it is always advice to actually do your own research on this crypto space so you get lure into your investing in pump and dump coins.

As a newbie the easiest way will first be to hodl your bitcoin not Alticoin and then learn about the trading fundamentals gradually, because it is even easier for a learned person to copy trade because they could Atleast dictate fake signals or scam projects. But blindly following other traders way is deemed very risky.

ananyabushra

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Copy trading has gained immense popularity in the crypto industry since its introduction. Bitget, being one of the pioneers in this field, remains one of the largest platforms for copy trading cryptocurrencies. Many consider it an appealing choice for beginners, but is it truly effective for those who are new to trading?

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